Legally Money

The United States Securities Exchange Commission is the American regulatory body that has jurisdiction over all cryptocurrencies and they are beginning to crackdown on the perceived lawlessness pervading in the developing crypto space. The government recently clarified its position that cryptocurrencies fall under the category of Securities and this is significant because Securities are carefully regulated. American based ICOs now need to carefully the new guidelines and many appear to be ignoring them completely.

Quintric is unique in that non-security tokens are being offered. The Quint and QuintS are payable for U.S. Government Minted coins which do not fall under the securities umbrella. Gold Eagles and Silver Eagles are considered 'legal tender' meaning that Americans may use them as they would the paper bills issued by the Federal Reserve. Quintric has merely tokenized the coins on the blockchain for maximum transparency and usability while covering for vaulting fees and other things. The very name "Quint" come from the fact that a 1/1000th of a $50 one ounce Gold Eagle coin is 5 gold cents. Quintric could've named the Quint token "Cent" and made it 1/5,000th of an ounce but "Centric" didn't have the same ring to it.

There is another key advantage in using legal tender such as Federal Reserve Notes or Quint vs. securities. If you are paid in Bitcoin and if the Bitcoin were to appreciate before you spend it then there is an enormous capital gain burden. The IRS is serious about collecting the difference in value and has even subpoenaed Coinbase, the United State's largest digital exchange to find out who bought early and how much they made for the purpose of collecting these taxes. Quint users on the other hand are using legal money so if the value of the gold dollar increases in relation to other currencies, including the Federal Reserve Note, then there legally may not be a capital gain on the difference. This removes the burden of always keeping track of the values of your cryptocurrency securities as you trade them and removes the risk of simply ignoring the law.

Quint is not a new currency, it is one that has been legally well established in the United States since 1985. Quintric only seeks to make it circulate at a greater level and popularize the American Gold Standard once again.